You’ll learn about

• The function of the Chart of Accounts

• Creating new accounts and editing existing accounts

• Equity accounts

• Liability accounts

• Asset accounts

• Bank accounts

• Credit card accounts

• Income accounts

• Cost of Goods accounts

• Expense accounts

• Other Income accounts

• Other Expense accounts

• Accounts Receivable

• Accounts Payable

• Undeposited Funds

• Understanding a Profit and Loss Statement 

• Understanding a Balance Sheet

After completing this course, you will be able to: 

• Identify the main Chart of Accounts types

• Recall the steps to modify the default Chart of Accounts

• Recognize how the Chart of Accounts populates your Profit & Loss and Balance Sheet reports

QuickBooks Chart of Accounts Course Description

Your Chart of Accounts (COA) is the backbone of your business and the foundation of your QuickBooks® file. It has two functions: outlining what the IRS wants to see for taxes, and generating your P&L and Balance Sheet reports to understand and analyze your business.

We’ll start with the fundamental accounting equation, Assets = Liabilities + Equity. During the conversation, you’ll learn bookkeeping terms including assets, liabilities, equity, income, and expenses. Then, we’ll make your COA your own! It’s impossible to use QuickBooks without customizing QBO’s default Chart of Accounts. We’ll discuss industry-standard accounts, create additional categories that reflect your unique operations, and inactivate accounts that aren’t relevant to you. 

By the end of this course, you’ll know how to read a Balance Sheet and a Profit and Loss statement, as well as how to structure your Chart of Accounts so it represents your own business’s workflow.

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Preview this course:

Get a sneak peek of what's inside this value-packed training. Watch the brief video below to explore the topics we'll cover and see the quality of content you can expect. Your journey to mastering the material starts here!

(Click the video above to watch the course spotlight video - 2 mins)

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Evergreen Access (Made to Stay Current)

Your purchase is designed to stay useful long after you finish the course! As the software changes, we refresh the content so you’re not learning from outdated screens. You’ll also have access to the class discussion/Q&A so you can ask questions when real-life situations pop up. And because it’s lifetime access, you can revisit the videos, handouts, and materials anytime you need a quick refresher.

Live Session + Replay Included

If you can’t attend at the scheduled time, go ahead and enroll—your live registration includes free access to the on-demand replay. We record every live class and post an edited version to the course page within two weeks of the class date. Once it’s available, you’ll receive a notification inside your OWLS portal.

While the replay is being published, you can download the notes/handouts and complete any quizzes or questionnaires so you’re ready to follow along when you watch.

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Refunds & Cancellations

Please view our Terms of Service, for information on refunds, cancellations, and complaint resolution. To request a refund, please contact us.

Royalwise Solutions Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Course Credits: 2 CPE, Certificate of Completion. Must be awarded within one year of enrollment.
Course Updated: October 2025
Course Page Updated: March 2026

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